I am a fraud victim. I trusted someone to cash a check and then wire money. My bank is saying that since I cashed the check (funds were verified twice), that I committed the fraud and they cancelled my account and will not even set up a fraud investigation. Is that legal? Don't they have to set up a claim, not just accuse? I trusted all was good and nothing pointed to fraud. Not even the bank caught this.
Banks get to choose who their customers are the same as you get to choose where you bank. The bottom line here is that the bank doesn't feel you handled your account in an acceptable manner, and have asked you to not bank with them. There is no requirement that they investigate this. They may be compelled to provide information to the police if you are filing charges against whomever wrote you the check or cashed it, but they have no obligation to you, as the outcome would still be that they don't agree with your actions, in person or in conjunction with someone else.
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Banks get to choose who their customers are the same as you get to choose where you bank. The bottom line here is that the bank doesn't feel you handled your account in an acceptable manner, and have asked you to not bank with them. There is no requirement that they investigate this. They may be compelled to provide information to the police if you are filing charges against whomever wrote you the check or cashed it, but they have no obligation to you, as the outcome would still be that they don't agree with your actions, in person or in conjunction with someone else.
